Xapien, a UK-based AI-powered platform for due diligence, has picked up £8 million in Series A funding led by YFM Equity Partners. With this round, the total investment raised by the company accounts for £14 million.
We recently also met Xapien at the IFGS conference 2024 in London, where they mentioned about the upcoming funding round. Here’s the full interview with Jessica Denny, CAMS – Xapien.
Funds utilisation
Xapien will use the new capital to continue to redefine how businesses understand their third parties, enabling organisations of any size to carry out comprehensive due diligence in minutes, not days. To make this possible, the company will accelerate the development of its next-generation entity resolution engine, which includes advanced native language processing, integrations with top data suppliers, new enterprise features, and a continuous monitoring solution for perpetual Know Your Customer (KYC).
Additionally, the company will use the funds to continue expanding into new sectors, such as financial services and large corporate partners, and grow its footprint in the US.
James Savage, Partner at YFM said: “Xapien’s innovative technology is gaining impressive commercial traction in an exciting market, and it has already proven its value in existing sectors. With our support, Xapien is poised to expand into new areas, enhancing its product, growing its team, and extending its geographical reach. We believe in the strength and scalability of Xapien’s team and look forward to accelerating their growth and success.”
What challenge does it tackle?
Currently, organisations need to thoroughly understand their clients, suppliers, donors, applicants, and investors. Conscious consumers, demanding ethical conduct and transparency from businesses, are voting with their wallets. Global instability, from geopolitical tensions to rapidly changing sanctions, increases the need for comprehensive due diligence.
Playing a major role in this space, Xapien’s AI platform is positioned to address the complexities of the global enterprise governance, risk, and compliance market, which is valued at $43.65 billion and is forecast to grow to $111.31 billion by 2032.
What does the company do?
Founded by Chris Green, Daniel Secretan, and Shaun O’Mahony, Xapien is an AI-powered intelligence engine that provides contextual background on any company or person worldwide.
By leveraging national language processing, AI, and vast compute power, the platform allows businesses to analyse millions of online sources, including news, media, corporate records, etc. to generate an executive-level report in minutes, saving businesses countless hours of manual research and collation.
Its algorithms, integration of structured and compliance datasets, privacy-friendly data processing, anti-hallucination technology, and consistent, unbiased analysis ensure reliable due diligence outcomes every time.
In the past 15 months Xapien has also secured engagements with Magic Circle, Silver Circle and AmLaw 100 law firms, as well as major players in risk consulting and private wealth. In the philanthropic sector, Xapien has grown its client base by 300% over the past 18 months.
Chris Green, CEO of Xapien, said: “We founded Xapien to bring transparency to business relationships, so that organisations of all sizes can truly know who they are working with. This investment will not only accelerate our cutting edge natural language processing and entity resolution technologies but also position us at the forefront of a fundamental shift in compliance. We are transforming due diligence from a time-consuming, manual process into an efficient, precise, and comprehensive solution.”
Our thoughts on Xapien
The £8 million Series A funding positions the company for significant growth in the rapidly expanding global governance, risk, and compliance market. By accelerating the development of its AI-powered due diligence platform and expanding into new sectors and geographies, particularly the US, Xapien is set to transform due diligence processes, offering faster, more comprehensive, and reliable solutions for businesses worldwide.
